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Nonprofit Entity Law and Legal Definition

According to 12 USCS § 1441a-1 (2), the term nonprofit entity means “any not-for-profit corporation chartered under State law that is exempt from Federal taxation under section 501(c) of the Internal Revenue Code of 1986 [26 USCS § 501(c)] and no part of the net earnings of which inures to the benefit of any member, founder, contributor, or individual (including any nonprofit entity established by the corporation established under title IX of the Housing and Urban Development Act of 1968 [42 USCS §§ 3931 et seq.]).”